Envestnet Asset Management Inc. Has $3.57 Million Stock Holdings in Incyte Corporation (NASDAQ:INCY)

Envestnet Asset Management Inc. lessened its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 8.0% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 58,981 shares of the biopharmaceutical company's stock after selling 5,106 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Incyte were worth $3,571,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of INCY. Bank of New York Mellon Corp grew its holdings in shares of Incyte by 8.5% during the 1st quarter. Bank of New York Mellon Corp now owns 1,223,136 shares of the biopharmaceutical company's stock valued at $74,061,000 after purchasing an additional 95,621 shares during the last quarter. IFM Investors Pty Ltd grew its holdings in shares of Incyte by 15.4% during the 1st quarter. IFM Investors Pty Ltd now owns 36,744 shares of the biopharmaceutical company's stock valued at $2,429,000 after purchasing an additional 4,907 shares during the last quarter. GF Fund Management CO. LTD. boosted its position in Incyte by 11.2% during the 1st quarter. GF Fund Management CO. LTD. now owns 8,846 shares of the biopharmaceutical company's stock worth $536,000 after buying an additional 888 shares during the period. Principal Financial Group Inc. boosted its position in Incyte by 0.7% during the 1st quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock worth $12,954,000 after buying an additional 1,419 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Incyte by 1.9% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,829 shares of the biopharmaceutical company's stock worth $1,443,000 after buying an additional 449 shares during the period. Institutional investors and hedge funds own 96.97% of the company's stock.

Insiders Place Their Bets

In other Incyte news, EVP Steven H. Stein sold 14,952 shares of the stock in a transaction on Monday, July 14th. The stock was sold at an average price of $68.47, for a total transaction of $1,023,763.44. Following the completion of the transaction, the executive vice president directly owned 97,466 shares of the company's stock, valued at approximately $6,673,497.02. This trade represents a 13.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total value of $41,097.39. Following the sale, the executive vice president directly owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. This represents a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 56,098 shares of company stock valued at $3,836,196. 17.80% of the stock is owned by corporate insiders.

Incyte Price Performance

Shares of Incyte stock opened at $70.20 on Friday. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $83.95. The stock has a market capitalization of $13.59 billion, a P/E ratio of 219.38, a PEG ratio of 0.59 and a beta of 0.68. The company has a current ratio of 2.04, a quick ratio of 2.00 and a debt-to-equity ratio of 0.01. The business's fifty day moving average price is $67.89 and its 200 day moving average price is $66.56.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.01 by $0.15. The business had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $996.17 million. Incyte had a return on equity of 2.77% and a net margin of 0.48%. The company's revenue was up 19.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 earnings per share. As a group, research analysts anticipate that Incyte Corporation will post 4.86 earnings per share for the current year.

Analysts Set New Price Targets

INCY has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a report on Monday, July 14th. Royal Bank Of Canada set a $67.00 price target on shares of Incyte and gave the company a "sector perform" rating in a research report on Monday, June 23rd. UBS Group restated a "neutral" rating and set a $61.00 price target on shares of Incyte in a research report on Tuesday, June 3rd. Stifel Nicolaus upgraded shares of Incyte from a "hold" rating to a "buy" rating and increased their price target for the company from $75.00 to $107.00 in a research report on Monday, June 16th. Finally, Wells Fargo & Company increased their target price on shares of Incyte from $58.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Incyte currently has a consensus rating of "Hold" and a consensus price target of $74.47.

Incyte Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.

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